The Internal Revenue Service (IRS) created Form 8867 Paid Preparer’s Due Diligence Checklist, please help answer the following question:
Describe the requirements of tax practitioners relating to due diligence.
Knowledge Requirement
Explain how a tax practitioner can satisfy the knowledge requirement discussed on Form 8867.
Document Retention Record Keeping Requirement
Describe the type of documentation relied upon to complete Form 8867 and any accompany worksheets relating to applicable tax credits or HOH filing status.
Inquiry Level – Reasonable Inquiries
Explain the types of inquiries that should be made to complete Form 8867 with proper due diligence.
Consider discussing the credit-specific (and filing status-specific) questions noted on Form 8867.
Explain the potential consequences of not meeting due diligence requirements.
Discuss any monetary or nonmonetary consequences.
Discuss the importance of Form 8867 and due diligence required of tax practitioner.

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